Economy & Business

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SEC reveals 2016 hack that breached its filing system

Sep 21, 2017

NEW YORK (AP) — The Securities and Exchange Commission said Wednesday that a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016.

In a statement posted on the SEC's website, Chairman Jay Clayton said a review of the agency's cybersecurity risk profile determined that the previously detected  "incident'' was caused by "a software vulnerability'' in its EDGAR filing system.

As the demand for online retail grows, so do warehouse and fulfillment centers. But most of us who order stuff online don’t actually know what goes into getting a product off a shelf, into a box and to our door. On today’s episode of Marketplace Tech, we follow Veronica Mena, a warehouse supervisor for the online store Boxed to see what goes into packing your shipments of bulk toilet paper and how automation is changing the industry.

09/21/2017: How HTC can benefit from Google deal

Sep 21, 2017

(Global Edition) From the BBC World Service ... A deal between HTC and Google might help the U.S. tech giant compete better against its rival Apple in the smartphone market. But we’ll tell you why the agreement is not all downside for the Taiwanese company. Afterwards, we’ll report on why the Dutch economy is growing at its fastest clip in a decade despite a lack of government. Then, we’ll take you to India where Mother Teresa’s charity has trademarked her iconic sari to prevent her reputation from being exploited.

German Chancellor Angela Merkel — if the opinion polls are to be believed — is on course for an easy win in her country’s general election on Sunday. Merkel has made an extraordinary political comeback. A year ago, she was on the ropes. Her approval rating had plummeted in the aftermath of her decision, in 2015, to open the door to more than a million Syrian refugees and other migrants. But, on the eve of the election, many of her supporters appear to have forgiven her. 

German Chancellor Angela Merkel — if the opinion polls are to be believed — is on course for an easy win in her country’s general election on Sunday. Merkel has made an extraordinary political comeback. A year ago, she was on the ropes. Her approval rating had plummeted in the aftermath of her decision, in 2015, to open the door to more than a million Syrian refugees and other migrants. But, on the eve of the election, many of her supporters appear to have forgiven her. 

The Securities and Exchange Commission says cybercriminals got into the agency's files last year and accessed information that might have been used to give them a secret edge in trading.

The SEC says it had known about the intrusion in 2016 into its Edgar filing system, but learned this month that "nonpublic information" accessed may have been used for "illicit gain."

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ARI SHAPIRO, HOST:

With Hurricane Maria still smashing up Puerto Rico, the economic costs of this year's hurricane season continue to grow by the minute. It will take a while for economists to tally it all up.

But this much already is clear: The recent enormous storms have taken a toll on the housing industry.

Three separate industry reports, issued over the past three days, have all shown that rough weather in the South and wildfires in the West have been creating problems for this key economic sector.

The Federal Reserve on Wednesday said it will hold short-term interest rates steady for the time being. But the central bank said that in October it will begin to unwind the extraordinary stimulus it used to battle the Great Recession.

Fed Chair Janet Yellen has said the process will be gradual. But over the long run, the plan will put upward pressure on consumer interest rates, including for car loans and mortgages.

Maura Judkis of The Washington Post spent a week buying every pumpkin spice product she saw: yogurt, cookies, pasta sauce — the basics. But also candles, deodorant, and pumpkin printed paper towels. Judkis wrote about the experience and joined Marketplace host Kai Ryssdal to discuss her piece.

Puerto Rico debt problems confound hurricane recovery

Sep 20, 2017

How do you get an already beaten-down economy back up and running when there's literally no electricity? By mid-day Wednesday the entire island of Puerto Rico was without power in the wake of Hurricane Maria. There's massive flooding and damage to buildings, public infrastructure and the power grid. And the ramifications are going to play out over the long economic term.

Click the audio player above to hear the full story. 

Apple’s App Store gets its own upgrade

Sep 20, 2017

Along with releasing its new iOS 11 operating system, Apple also has redesigned the App Store. The new look is meant to make it easier for users to find new apps and increase what is already a big part of Apple's business. In fact, the service part of Apple's model — which is dominated by app revenue — makes more money for the company than sales of Macs or iPads. 

Click the audio player above to hear the full story.

The latest attempt to repeal the Affordable Care Act comes up for a vote in the Senate next week. The Cassidy-Graham bill calls for taking the money the federal government spends on Obamacare and doling it out to the states in block grants. States then call the shots on how the money is spent.

“A block grant is a lump sum of money that doesn't change as the number of people might change, or as the per-unit cost of whatever it is you're buying changes,” said Sara Rosenbaum of George Washington University.

The latest attempt to repeal the Affordable Care Act comes up for a vote in the Senate next week. The Cassidy-Graham bill calls for taking the money the federal government spends on Obamacare and doling it out to the states in block grants. States then call the shots on how the money is spent.

“A block grant is a lump sum of money that doesn't change as the number of people might change, or as the per-unit cost of whatever it is you're buying changes,” said Sara Rosenbaum of George Washington University.

Federal Reserve Chair Janet Yellen gave an update on the economy today, and we'll start the show with the highlights and translated Fed-speak. Then: the latest — and likely last, but who knows anymore — Senate attempt at repealing Obamacare is the Cassidy-Graham bill. It takes the money the federal government spends on Obamacare, and gives it directly to the states to do what they want with it. It's called a block grant, and it sounds simple enough, but it's not. We'll look at how they've worked in the past. Plus: Checking in with a family of Syrian refugees, one year later.

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